For those of us interested in seeing more robust and knowledgeable regulators in government service, the recent news that Rick Bookstaber is joining the SEC is quite welcome. While I disagree vigorously with much of recent economic policy, I view the Bookstaber news as a signal that the Obama Administration is serious about overhauling America’s [...]
United States's tag archives
Rick Bookstaber to join SEC
Nov
Consumer credit down, but does it show deleveraging?
Nov
I have just taken a look at the consumer credit figures for September, released just yesterday by the Federal Reserve. The data do show some modest deleveraging, especially when looking at the recent increase in nominal GDP. However, it is still not clear to me that the scale of deleveraging is great enough to induce [...]
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‘Buy American horror stories’ in Canada
Nov
The Canadian daily National Post has a good piece out today that highlights how the ‘Buy American’ provision is being seen in Canada. Many see it as an affront that America could and would favor domestic firms over those of its largest trading partner and next-door neighbor despite the North American Free Trade Agreement.
For the [...]
China: we “will take steps to protect the interests of our domestic industries”
Nov
China on Friday accused the US of protectionist and biased trade policies less than a week before president Barack Obama’s first visit to Beijing.
In a stinging rebuke to Washington, China’s commerce ministry promised to take measures to protect its domestic industry after the US slapped anti-dumping duties on $2.6bn of Chinese steel pipe imports. [...]
Rosenberg: “the mother of all jobless recoveries”
Nov
While I see the job numbers as pretty much what was expected, the data do make clear that we are seeing a major jobless recovery. David Rosenberg has a piece out today that goes right to the heart of the issue:
All we can say is that if the overwhelming consensus is correct that the recession [...]
Comprehensive unemployment rate is 17.5%
Nov
The employment market is pretty grim. We’re talking a double digit unemployment rate – and that’s just the base rate. The comprehensive unemployment rate is now 17.5% in the US. This is a fact not lost on our politicians. Today, Barack Obama signed a bill that extends unemployment benefits and home buyer tax credits. But,, [...]
10.2% unemployment, 190,000 jobs lost
Nov
Average weekly hours a record low of 33.0. Stock futures now down. The household survey says we have lost 1.3 million jobs in three months. 17.5% U-6 unemployment. Median duration of unemployment is now 18.7 weeks from 15.4 just 3 months ago – ugly.
Here is an excerpt from the release (bolding added).
The unemployment rate rose [...]
Better last claims report before employment number
Nov
The Department of Labor data released this morning indicated that 512,000 people filed initial claims for unemployment insurance in the latest week. This is down 20,000 from last week and marks the last data points we are to get on employment before tomorrows employment numbers are released.
All indications are that the number will come in [...]
GM board decides to keep European Opel unit
Nov
The sale to Canadian auto parts maker Magna International and its partner, Russian lender Sberbank is off. With bankruptcy now behind it, General Motors now feels confident it can proceed with Opel under the GM umbrella.
From the GM press release:
Given an improving business environment for GM over the past few months, and the importance of [...]
US personal income data for September shows pullback
Oct
The data released this morning by the U.S. Department of Commerce’s Bureau of Economic Analysis on personal income somehow managed to show weakness in income and consumption as well as savings. I see this as proof that Americans are not saving and hence not deleveraging, but they are also so income constrained that their consumption [...]
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